Developer Diyar Al Muharraq has announced the signing of an agreement for the part-financing of its Dragon City project worth $32 million.
Under the deal, Al Salam Bank-Bahrain will provide finance to fund $32 million of the $100 million that the project is expected to cost.
The chairman of Diyar Al Muharraq, Abdulhakeem Alkhayyat, said: "In addition to the enormous impact that Dragon City will have on a large scale to the kingdom of Bahrain by thrusting it into the global limelight, it will also contribute massively nationally by extensively boosting trade and finance in the kingdom.
"With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow," he added.
Spread over a total land area of 115,000 square metres, Dragon City is the first of its kind development in Bahrain, which will offer unique wholesale and retail opportunities to local sconsumers, trade customers and tourists.
Dragon City encompasses Dragon Mall and a themed Asian Dining Street. The mall will be infused with Chinese architectural and cultural aspects incorporating over 747 individual retail stores and additionally, a 4,500 square metre area designated for warehouses. Asian Dining Street will include a car park large enough to accommodate 1,500 cars.
To date, Dragon City has obtained 100 percent lease and the occupancy rate has reached more than 90 percent, a statement said.
Additionally, Dragon City also includes Dragon Apartments which comprise six multi-storey residential buildings encompassing a total of 300 apartments. Work on Dragon Apartments is complete and the first group of residents is due to move in their apartments soon, the statement added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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